Suppose a company purcahsed Resedential Building for the purpose of letting & the same is showned under Investments.
Whether depreciation can be claimed as asset is showned under Investments?
Harsha (Chartered Accountant CS (Final)) (227 Points)
30 September 2010Suppose a company purcahsed Resedential Building for the purpose of letting & the same is showned under Investments.
Whether depreciation can be claimed as asset is showned under Investments?
sudhakar ca cwa
(service)
(1518 Points)
Replied 30 September 2010
Depreciable asset as per AS- 6include
held by an enterprise for use in the production or supply of
goods and services, for rental to others, or for administrative
purposes and not for the purpose of sale in the ordinary course of
business.
so we need to provide depreciation
Samrendra
(Asst. Manager- Internal audit)
(221 Points)
Replied 30 September 2010
agreed with Mr.Sudhakar
kalyan
(Manager - Accounts)
(99 Points)
Replied 01 October 2010
can we claim depreciation on this building under Income tax act ?
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